| With the outbreak of the financial crisis, World economy is in a mess. Our economy is the inevitable suffer a great impact.Now although it is appeared signs of recovery, situation remains optimistic. At this time, all the macroeconomic measures our government take are particularly remarkable. currency policies as an important macroeconomic measures play an important role in stimulating economy. Therefore, the monetary policy transmission mechanism whether effective influence whether we can get rid of the bad influence of the financial crisis rapidly.Our current monetary policy make "keep the currency stability and promote economic growth" as the ultimate goal, the money supply and credit as intermediary goal. In actually, because regional financial development level are differet in our country, the monetary policy transmission effects are different at all. In order to comprehensively test the effectiveness of monetary transmission mechanism, we establish the VAR model, collect the relevant data from 1990 to 2007 inspected The policy transmission efficiency of monetary and credit channels in our three provinces:Guangdong, Henan, Sichuan.The results show that:the currency channels for monetary policy transmission effect is not obvious, Credit channels is still the main channel of monetary policy transmission, but there are also many problems.There are many factors restrict the transmission efficiency, such as the financial market developed not perfectly, interest rate marketization developed slowly. Therefore, based on the unfavorable factors of monetary policy transmission, we put forward three Suggestions:one is on strengthening the financial market construction, Two is to accelerate the foundation of monetary policy transmission, Three is promote interest marketization steadily.we hope these measures can dredge the transmission channels as soon as possible, make its highly efficient operation. |
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